SBI Term Insurance: Term insurance is one of the most essential financial tools that offer a safety net to families in case of an unforeseen event.
SBI Term Insurance is a reliable and affordable life insurance plan provided by the State Bank of India (SBI) through its subsidiary, SBI Life Insurance. This plan ensures that your family remains financially secure even in your absence.
Key Features of SBI Term Insurance
| Feature | Details |
|---|---|
| Policy Types | SBI Life eShield, SBI Life Smart Shield, Saral Jeevan Bima, etc. |
| Coverage | High coverage at low premiums |
| Riders Available | Accidental Death Benefit, Critical Illness, and Waiver of Premium |
| Premium Payment | Monthly, quarterly, half-yearly, or yearly |
| Tax Benefits | Available under Section 80C and 10(10D) of the Income Tax Act |
| Claim Settlement Ratio | High claim settlement ratio ensures hassle-free processing |
Benefits of SBI Term Insurance
1. Affordable Premiums
SBI Term Insurance plans offer high coverage at an affordable price, making it accessible for individuals from all income groups.
2. Financial Security for Family
In the unfortunate event of the policyholder’s death, the nominee receives a lump sum amount to maintain their financial stability.
3. Multiple Policy Options
SBI Life provides various term insurance plans catering to different needs, whether you need pure protection or added benefits like return of premium.
4. Additional Riders for Extra Protection
You can enhance your coverage by adding optional riders like Accidental Death Benefit, Critical Illness Cover, and Waiver of Premium.
5. Tax Benefits
Premiums paid towards SBI Term Insurance are eligible for tax deductions under Section 80C, and the death benefit is tax-free under Section 10(10D) of the Income Tax Act.
Popular SBI Term Insurance Plans
1. SBI Life eShield
- A pure term plan offering financial protection.
- Covers both accidental death and terminal illness.
- Option to enhance coverage with riders.
2. SBI Life Smart Shield
- Provides flexible options like Level Term Assurance and Decreasing Term Assurance.
- High claim settlement ratio ensures hassle-free processing.
3. SBI Saral Jeevan Bima
- A simplified term insurance plan for individuals who may not have regular income proofs.
- No requirement for extensive medical tests.
4. SBI Life Poorna Suraksha
- A term plan with built-in critical illness coverage.
- Premiums remain fixed throughout the policy tenure.
How to Apply for SBI Term Insurance?
Applying for SBI Term Insurance is a simple and hassle-free process. Follow these steps:
- Visit the Official Website: Go to SBI Life Insurance’s official website.
- Choose a Plan: Compare different plans and select the one that best suits your needs.
- Calculate Premium: Use the premium calculator to estimate your premium amount.
- Fill in the Details: Enter personal and financial details accurately.
- Upload Documents: Submit KYC documents, income proof, and medical history if required.
- Make Payment: Pay the premium online using net banking, debit/credit card, or UPI.
- Medical Examination (if required): Some plans may require a medical test.
- Policy Issuance: Once verified, the policy will be issued and sent to your registered email ID.
Claim Process for SBI Term Insurance
- Intimate the Claim: Inform SBI Life about the insured person’s demise by submitting a claim request.
- Submit Required Documents: Provide necessary documents like death certificate, policy documents, and nominee’s ID proof.
- Claim Processing: SBI Life Insurance verifies the documents and processes the claim.
- Claim Settlement: If all documents are correct, the claim amount is disbursed to the nominee.
FAQs
1. Who is eligible to buy SBI Term Insurance?
Any Indian citizen aged between 18 to 65 years can buy SBI Term Insurance. Some policies may have different eligibility criteria.
2. Can I increase my coverage after purchasing an SBI Term Insurance policy?
Yes, some SBI term insurance plans allow you to enhance coverage by adding riders or opting for increasing coverage benefits at specific intervals.
3. What happens if I miss a premium payment?
SBI Life provides a grace period of 30 days for yearly, half-yearly, and quarterly payments, and 15 days for monthly payments. If the premium is not paid within this period, the policy may lapse.
SBI Term Insurance is a smart choice for securing your family’s financial future. With flexible plans, affordable premiums, and high claim settlement ratios, it offers peace of mind and financial stability.
If you are considering a term plan, SBI Life Term Insurance can be an excellent option to explore.